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This Week’s Find: The Beautiful Foreclosure

by Mark Wellborn

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146 U Street NW

When people hear the term “foreclosure”, it conjures up images of dilapidated properties that are on the verge of falling down. That is not the case with This Week’s Find. 146 U Street NW actually looks a lot like what a distressed home in LeDroit Park resembles after it has been purchased in rough condition and brought back to life.

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Living Room

As far as its history, UrbanTurf was able to find out that the house was purchased by the current owner back in June 2002 (when it was in lousy shape). The owner extensively renovated the four-bedroom home, and for a number of years, it was a group house.

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Bedroom

While the facelift included a new kitchen, bathrooms and a finished basement, many of the home’s original details are still intact. There are three bedrooms on its upper level, and parking for two cars out back. It was just put up for sale today, but given its price, layout and condition, we can’t imagine that the listing will be on the market for very long.

More details and photos below.

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  • Full Listing: 146 U Street NW (map)
  • Price: $499,000
  • Bedrooms: Four
  • Bathrooms: 3.5
  • Square Footage: 1,696
  • Listing Agent: Nate Guggenheim, Coldwell Banker

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See other articles related to: this week's find, reo properties, ledroit park, foreclosure

This article originally published at https://dc.urbanturf.com/articles/blog/this_weeks_find_the_beautiful_foreclosure/4257

8 Comments

  1. Roger Lin said at 3:09 pm on Thursday September 29, 2011:

    This is a beautiful find.  I wonder what the comps suggest about the price.

  1. ellis said at 4:23 pm on Thursday September 29, 2011:

    Amazing. Will be gone SO QUICK!

  1. anon said at 5:17 pm on Thursday September 29, 2011:

    Unless the touched up pictures lie or challenges exist that aren’t shown in the pictures it seems this is criminally underpriced.  And to what end?  Nothing good.  Improperly sets buyer expectations, dings the neighborhood comps, etc.  Aggressive price would be $550K.  No need for it to be $499K.  Bank losing money for no good reason.

  1. jag said at 9:59 pm on Thursday September 29, 2011:

    ...the bank is going to get multiple offers, send them all back and tell everyone to give their top offer, then accept the highest bid. I very much doubt the bank will go out of its way to sell below market.

  1. hoos30 said at 11:29 am on Friday September 30, 2011:

    Shady listing practices by the bank’s agent. Low ball listing attempting to spark a bidding war. Shady.

  1. Urban DC Guy said at 1:11 pm on Friday September 30, 2011:

    I live nearby. The house is in good shape. Needs some minor fixes (downspouts, widow pane replacement, storm windows). Overall, the “bank” purchased it back in February, let the lease run out on the group house and spent $250 to clean it up and paint it.

    Sold as-is for a reason but it needs very little. It has new roof and a huge basement. Comps may suggest $550K but will most likely go for over $600K quickly. It is priced to sell not to start a bidding war. Finally a bank does something to help the neighborhood out.

  1. Mat said at 4:16 pm on Friday September 30, 2011:

    I’m glad you covered this. I also live in the neighborhood and saw this on the market the other day. For the life of me I could not figure out why it was priced so low. I can’t imagine a scenario where this actually goes for anything close to $499K.

  1. Jason said at 9:49 am on Monday October 3, 2011:

    What jag said. Banks have been using this strategy in highly desirable areas since the foreclosure crisis started. Not really shady, the house WILL go for near or at market value, and comps wont be (negatively) affected.

Comments are closed.

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